Digital asset and offshore account FBAR issues for investors Ronald P. Cima and Anthony Tu-Sekine
By: Cima, Ronald P
.
Contributor(s): Tu Sekine, Anthony.
Material type: 
ArticlePublisher: 2019Subject(s): CRIPTOMONEDA | ELUSION FISCAL | INFORMACION TRIBUTARIA | ESTADOS UNIDOSOnline resources: Click here to access online
In:
Journal of Taxation of Investments v. 37, n. 1, Fall 2019, p. 31-45Summary: The increasing public acceptance of bitcoin, other cryptocurrencies, and virtual assets has presented challenges to the IRS with regard to how they should be reported for tax and Bank Secrecy Act purposes. With the IRS expressing concern that some taxpayers are using virtual currencies to hide income or engage in other illegal activities, taxpayers who own digital assets should focus on when virtual assets, which are held in offshore accounts, should be reported to FinCEN on FBARs. The authors suggest a framework
to assist with this inquiry until such time as the IRS or Fin-CEN issues formal guidance.
| Item type | Current location | Home library | Call number | Status | Date due | Barcode |
|---|---|---|---|---|---|---|
| Artículos | IEF | IEF | OP 235/2019/1-2 (Browse shelf) | Available | OP 235/2019/1-2 |
Disponible también en formato electrónico.
Resumen.
The increasing public acceptance of bitcoin, other cryptocurrencies, and virtual assets has presented challenges to the IRS with regard to how they should be reported for tax and Bank Secrecy Act purposes. With the IRS expressing concern that some taxpayers are using virtual currencies to hide income or engage in other illegal activities, taxpayers who own digital assets should focus on when virtual assets, which are held in offshore accounts, should be reported to FinCEN on FBARs. The authors suggest a framework
to assist with this inquiry until such time as the IRS or Fin-CEN issues formal guidance.
Click on an image to view it in the image viewer
There are no comments for this item.